Xcite Energy, EnQuest, Statoil working on gas import solution for N. Sea fields

Xcite Energy announces that its 100% owned subsidiary, Xcite Energy Resources plc (“XER”), has entered into a Collaboration Agreement with Statoil (U.K.) Ltd. (“Statoil”) and EnQuest Heather Limited (“EnQuest”), in order to share field-specific technical and operational information to evaluate the potential utilisation of common gas import infrastructure between the Kraken, Bentley and Bressay fields.

Xcite Energy, EnQuest, Statoil working on gas import solution for N.Sea fields

A joint XER, Statoil and EnQuest team will work together to analyse the current available information and develop a number of proposals to assess the potential benefits of installing a shared gas import pipeline in conjunction with the development of the Kraken, Bentley and Bressay fields.

Rupert Cole, CEO of Xcite Energy, commented: “We are pleased to continue to work with Statoil and extend this to include EnQuest in the assessment of this shared infrastructure. This new collaboration with Statoil and EnQuest to assess this shared infrastructure is an important initiative, which highlights the scope of potential opportunities available to our respective projects. I believe that today’s announcement further demonstrates that additional value can be created by companies collaborating in key development activities and it reinforces our commitment to “Maximising Economic Recovery” from the area immediately surrounding the Bentley field.”

Xcite Energy holds and operates 100% of the Bentley field located in Block 9/3b (Licence P1078). The field has been described as one of the largest remaining, undeveloped North Sea oil fields.

The Bentley field is located on the East Shetland Platform in the UK Northern North Sea, 8 km southeast of the Bressay Field (currently operated by Statoil), 15 km east of the Kraken Field (operator: Enquest).


September 10, 2014